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Xbox 720 is a likely no as it means pretty much nothing.

Xbox 3 might not be too bad. The number doesn't seem as small against PlayStation 4 as Xbox 2 would seem against PlayStation 3. However, I'm not sure if they still want to use that name as it's smaller anyway.

They don't have any good numbers, though 3 might do it, but they might instead use a word of some sort. They might even go on the path of the Wii and have a total revolution in everything - well, less advanced tech and a new name at least. I wouldn't count on it but it's not impossible either.